Credit problems are common affairs and each problem has its respective credit problems law governing its handling and solutions. Unmanageable credit card debt can cause several problems ranging from bad credit affecting your finances and career to harassing calls from collectors. Since debt is a very delicate issue, the problems arising out of it need to be handled delicately. This is where the appropriate credit problems law comes in. By legalizing how the credit repairs, debt repayment and collections need to be handled, the authorities have made the process simple, organized and beneficial for all the parties involved.
Millions of people in America are in overwhelming credit card debt problem. To help them with reaching a manageable solution, the government has time and again introduced several programs. One of the most recent credit problems law would be the ‘Credit Card Forgiveness Act’ enacted by the Obama government. Under this, 50% of the debt amount greater than $10,000 would be forgiven. This is just to help struggling Americans manage their finances. Almost all the debt management firms help with this.
There are new consumer protection laws preventing the random increase in interest rates and fees for over limit. These also protect the consumers against the prevalent predatory practices.
Few of the federal credit protection acts are as follows,
Any credit problems law is there to help the citizens in facing and fighting unlawful acts against them. However, it is the responsibility of the creditor to repay what he or she owes. Just as there are laws to protect the debtors from collectors, there are laws to protect the creditors from debtors.